London · Delayed Price · Currency is GBP · Price in GBX Persimmon Earnings Call Transcripts
Fiscal Year 2025
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Double-digit growth in 2025 with higher completions, revenue, and profit, supported by disciplined investment and brand expansion. Outlook for 2026 is positive, with raised volume guidance and continued margin progression, though risks from inflation and geopolitical uncertainty remain.
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Delivered strong year-end results with 12% growth in completions, robust profit and margin expansion, and a positive outlook for 2026 driven by outlet and land pipeline growth. Headwinds include new taxes, planning delays, and ongoing fire safety remediation, but the business remains well-positioned.
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Forward sales are up 15% year-over-year, with robust pricing and disciplined incentives. Outlet expansion and new product launches support growth, while guidance for 2026 remains unchanged despite some market uncertainty.
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Delivered strong first-half growth in revenue, profits, and completions, with robust margins and a growing land bank. Outlook remains positive for 2025 and 2026, driven by self-help measures, innovation, and brand strength, despite ongoing affordability and regulatory challenges.
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Completions, sales rates, and ASP all grew in 2024, with strong private demand and robust cash generation. Costs and margins are well controlled, the order book is up, and the business is positioned for further growth in 2025, with a medium-term goal of 300 outlets.
Fiscal Year 2024
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Underlying PBT rose 10% to £395m, completions grew 7%, and operating margin reached 14.1%. Strong land bank, record build quality, and innovation support further growth, with 2025 guidance for higher volumes and margins.
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Order book and pricing have strengthened, with volume and margin growth expected in 2025, though margin recovery will be tempered by historic cost inflation and regulatory changes. Land activity is high, incentives remain prevalent, and operational initiatives are underway to support future growth.
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Delivered strong H1 results with 5% growth in completions, improved margins expected in H2, and a robust land bank supporting future growth. Forward order book and private sales are up, with continued investment in land and operational efficiency.